Asian stocks looking to recover US economy | Associated Press

Singapore (AP) — Asian stocks were mixed on Thursday as traders awaited further guidance on the US economic recovery.

The Nikkei 225 in Tokyo rose 0.3% to 27,678.79, and the Kospi in South Korea fell 0.1% to 3,278.13. Hong Kong’s Hang Seng Index was up 0.2% to 26,466.58.

The Shanghai Composite Index fell 0.1% to 3,472.87. Sydney’s S & P / ASX 200 was up 0.2% to 7,516.30. Stock prices fell in Singapore, but rose in Malaysia and Indonesia.

Employment was in the limelight. On Wednesday, payroll firm ADP revealed that the US private sector added 330,000 jobs in July, which was lower than analysts expected.

The US Department of Labor will release a more comprehensive employment report on Friday. According to FactSet, economists predict that US employers will add 700,000 jobs in July, reducing the national unemployment rate from 5.9% to 5.7%.

IG’s Yeap Jun Rong said the ADP report was “significantly disappointing.”

“Although there is no clear correlation between ADP data and non-farm payrolls, the slowdown in employment in the leisure and hospitality sector raises some concerns and has some implications for the rise in virus cases in July. Seems like, “he said. ..

Concerns are rising about the spread of the coronavirus delta mutation in the United States, Europe, Asia, and especially China, and caution is being raised as we face hundreds of new cases.

China has blocked residential areas, suspended flights and trains, and ordered massive coronavirus testing in Wuhan, the city where the disease was first detected in late 2019. China’s numbers are small compared to its outbreaks elsewhere, but its containment strategy and its subsequent implications are being carefully watched over for its large economy.

Data on disappointing work weighed heavily on Wall Street. The S & P 500 index rose 0.5% on Wednesday to 4,402.66, recovering from the all-time high set the day before.

The Dow Jones Industrial Average fell 0.9% to 34,792.67. However, the Nasdaq Composite Index was 14,780.53, up 0.1%. Both the Dow and Nasdaq hit record highs last week.

Strong earnings reporting wasn’t enough to raise the stock prices of many companies. General Motors exceeded analysts’ earnings expectations and fell 8.9%, despite raising expectations. CVS Health lost 2.9% after reporting solid results.

Robin Hood, an online broker that made its market debut last week, surged 50.4%. Market experts warned that stock prices could be jagged because of their popularity among small investors.

In the energy market, benchmark US crude rose 25 cents in electronic commerce on the New York Trading Exchange to $ 68.40 a barrel. Brent crude, the international oil pricing standard, has added 20 cents to $ 70.58 a barrel in London.

The US dollar rose from 109.47 yen on Wednesday to 109.65 yen. The euro fell from $ 1.1843 to $ 1.1840.

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Asian stocks looking to recover US economy | Associated Press

Source link Asian stocks looking to recover US economy | Associated Press

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